MIRA INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BULLIONTEX CO., LTD. |
|
|
|
|
Registered Office : |
65/1 Moo 8,
T. Thasao, A. Krathumbaen, Samutsakorn 74110 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
0745541001084 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor and Exporter of Textiles |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure,
a free-enterprise economy, generally pro-investment policies, and strong export
industries, Thailand achieved steady growth due largely to industrial and
agriculture exports - mostly electronics, agricultural commodities, automobiles
and parts, and processed foods. Thailand is trying to maintain growth by
encouraging domestic consumption and public investment to offset weak exports
in 2012. Unemployment, at less than 1% of the labor force, stands as one of the
lowest levels in the world, which puts upward pressure on wages in some
industries. Thailand also attracts nearly 2.5 million migrant workers from
neighboring countries. The Thai government is implementing a nation-wide 300
baht ($10) per day minimum wage policy and deploying new tax reforms designed
to lower rates on middle-income earners. The Thai economy has weathered
internal and external economic shocks in recent years. The global economic
crisis severely cut Thailand's exports, with most sectors experiencing
double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010,
Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports
rebounded. In late 2011 growth was interrupted by historic flooding in the
industrial areas in Bangkok and its five surrounding provinces, crippling the
manufacturing sector. Industry recovered from the second quarter of 2012 onward
with GDP growth at 5.5% in 2012. The government has approved flood mitigation
projects worth $11.7 billion, which were started in 2012, to prevent similar
economic damage, and an additional $75 billion for infrastructure over the next
seven years with a plan to start in 2013.
|
Source
: CIA |
Company name
BULLIONTEX CO.,
LTD.
SUMMARY
BUSINESS ADDRESS : 65/1 MOO 8, T.
THASAO, A. KRATHUMBAEN,
SAMUTSAKORN 74110,
THAILAND
TELEPHONE : [66] 34
447-088, 081 907-0330
FAX : [66] 34
447-087
E-MAIL ADDRESS : dev@bulliontex.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1998
REGISTRATION NO. : 0745541001084
TAX ID NO. : 3751022642
CAPITAL REGISTERED : BHT.
2,000,000
CAPITAL PAID-UP : BHT.
2,000,000
SHAREHOLDER’S PROPORTION : THAI
: 100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. THAVEECHAI SIRIKULTHADA,
THAI
MANAGING DIRECTOR
NO. OF STAFF : 200
LINES OF BUSINESS : TEXTILES
MANUFACTURER, IMPORTER,
DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was
established on August
13, 1998 as
a private limited
company under the
registered name BULLIONTEX
CO., LTD., by Thai groups,
with the objective
to engage in
textile business. It
currently employs approximately
200 staff.
The subject’s registered address is
65/1 Moo 8, T. Thasao, A.
Krathumbaen, Samutsakorn 74110,
and this is
the subject’s current
operation address.
THE BOARD OF
DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Kovitthad Sirikulthada |
|
Thai |
42 |
|
Mr. Thaveechai Sirikulthada |
|
Thai |
40 |
AUTHORIZED PERSON
One of the
above directors can
sign on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thaveechai Sirikulthada
is the Managing
Director.
He is Thai
nationality with the
age of 40
years old.
BUSINESS OPERATIONS
The subject is
engaged in textile
business to manufacture,
distribute and export
various kinds of
fabrics, such as
polyester, polyester/nylon, cotton
fabric, lace and
etc., under its
own brand “BULLIONTEX”,
as well as
importing and distributing
various kinds of
textiles.
PURCHASE
Most of raw
materials are purchased
from local suppliers.
IMPORT
The products and
some of raw
material for the
production are imported
from India, U.S.A.,
Republic of China
and the countries
in Europe.
SALES
The products are
sold to traders,
manufacturers and end-users
both local and
overseas, mainly in U.S.A.,
India, Japan, Singapore,
Malaysia, and the
countries in Europe, Middle
East and Africa.
MAJOR CISTOMER
Kofab Ent Company : U.S.A.
RELATED AND AFFILIATED
COMPANY
S.M.S. Weaving Co.,
Ltd.
Business Type :
Manufacturer of textiles
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according for the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
T/T.
Exports are against
T/T.
BANKING
The banker’s name
was not disclosed.
EMPLOYMENT
The subject currently
employs approximately 200
staff.
LOCATION DETAILS
The premise is
owned for administrative office and
factory at the
heading address. Premise
is located in
provincial.
Branch and showroom
are located at
437/21-22 Tha Din
Daeng Road, Somdejchaopraya, Klongsan,
Bangkok 10600. Tel. : [66] 2863-1260, Fax. : [66] 2863-1277.
COMMENT
The subject is
engaged in manufacturing, importing,
distributing and exporting various
kinds of fabrics.
Its business is
successful both domestic
and export markets. Despite slow
consumption occurred in
domestic market, sale in
international markets has
grown steadily resulted
by improving of
world consumption.
FINANCIAL INFORMATION
The capital was
registered at Bht. 1,000,000 divided into 10,000 shares of
Bht. 100 each with
fully paid.
On February 19, 1999, the registered
capital was increased
to Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each with
fully paid.
THE SHAREHOLDERS LISTED
WERE
[as at January
27, 2014]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Kovitthad Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
9,000 |
45.00 |
|
Mr. Thaveechai Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
9,000 |
45.00 |
|
Mrs. Harfrit Kor Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua, Wattana,
Bangkok |
1,000 |
5.00 |
|
Mrs. Umpika Sirikulthada Nationality: Thai Address : 9/100
Soi Pattanawest 12,
Prakanongnua,
Wattana, Bangkok |
1,000 |
5.00 |
Total Shareholders : 4
Share Structure [as
at January 27,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
4 |
20,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
4 |
20,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO.
Mrs. Thanhathai Supakasem No.
5394
BALANCE SHEET [BAHT]
The latest financial figures published
as at December
31, 2012, 2011
& 2010 were:
ASSETS
|
Current Assets |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Cash and Cash Equivalents |
193,490.82 |
107,334.08 |
80,846.83 |
|
Trade Accounts & Other Receivable |
20,368,654.65 |
20,299,944.21 |
17,555,484.93 |
|
Inventories |
9,418,750.75 |
8,857,651.35 |
9,060,516.21 |
|
Other Current Assets
|
183,601.54 |
253,318.05 |
542,172.84 |
|
|
|
|
|
|
Total Current Assets
|
30,164,497.76 |
29,518,247.69 |
27,239,020.81 |
|
|
|
|
|
|
Fixed Assets |
27,337,445.64 |
29,496,279 |
28,778,736.61 |
|
Other Non-current Assets |
2,688,969.90 |
2,639,057.23 |
2,626,058.24 |
|
Total Assets |
60,190,913.30 |
61,653,584.62 |
58,643,815.66 |
LIABILITIES &
SHAREHOLDERS’ EQUITY [BAHT]
|
Current
Liabilities |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Bank Overdraft & Short-term Loan From Financial Institutions |
2,952,546.35 |
7,065,810.81 |
4,514,732.94 |
|
Trade Accounts & Other Payable
|
30,677,727.05 |
26,859,331.49 |
25,460,341.62 |
|
Current Portion of
Long-term Loans |
3,761,520.00 |
3,652,513.00 |
6,004,717.78 |
|
Accrued Income Tax |
410,187.65 |
426,520.03 |
395,974.61 |
|
Other Current Liabilities |
276,009.81 |
257,555.80 |
283,921.41 |
|
|
|
|
|
|
Total Current Liabilities |
38,077,990.86 |
38,261,731.13 |
36,659,688.36 |
|
|
|
|
|
|
Long-term Loan |
2,662,135.68 |
5,352,954.54 |
5,989,438.09 |
|
Total Liabilities |
40,740,126.54 |
43,614,685.67 |
42,649,126.45 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
|
|
|
|
|
Capital Paid |
2,000,000.00 |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning Unappropriated [Deficit] |
17,450,786.76 |
16,038,898.95 |
13,994,689.21 |
|
Total Shareholders' Equity |
19,450,786.76 |
18,038,898.95 |
15,994,689.21 |
|
Total Liabilities & Shareholders' Equity |
60,190,913.30 |
61,653,584.62 |
58,643,815.66 |
PROFIT & LOSS
ACCOUNT
|
Revenue |
2012 |
2011 |
2010 |
|
|
|
|
|
|
Sales Income |
195,748,842.09 |
195,669,069.44 |
167,084,118.10 |
|
Other Income |
710,416.84 |
13,130.29 |
339,587.44 |
|
Total Revenues |
196,459,258.93 |
195,682,199.73 |
167,423,705.54 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
178,825,205.66 |
179,275,149.88 |
151,685,659.82 |
|
Selling and Administrative Expenses |
14,763,495.53 |
11,808,810.61 |
11,671,780.42 |
|
Total Expenses |
193,588,701.19 |
191,083,960.49 |
163,357,440.24 |
|
|
|
|
|
|
Profit / [Loss] before Financial
Cost & Income
Tax |
2,870,557.74 |
4,598,239.24 |
4,066,265.30 |
|
Financial Cost |
[662,475.04] |
[1,824,878.17] |
[1,257,656.95] |
|
Profit / [Loss] before Income Tax |
2,208,082.70 |
2,773,361.07 |
2,808,608.35 |
|
Income Tax |
[796,194.89] |
[729,151.33] |
[654,224.61] |
|
|
|
|
|
|
Net Profit / [Loss] |
1,411,887.81 |
2,044,209.74 |
2,154,383.74 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2012 |
2011 |
2010 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
0.79 |
0.77 |
0.74 |
|
QUICK RATIO |
TIMES |
0.54 |
0.53 |
0.48 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
7.16 |
6.63 |
5.81 |
|
TOTAL ASSETS TURNOVER |
TIMES |
3.25 |
3.17 |
2.85 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
19.22 |
18.03 |
21.80 |
|
INVENTORY TURNOVER |
TIMES |
18.99 |
20.24 |
16.74 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
37.98 |
37.87 |
38.35 |
|
RECEIVABLES TURNOVER |
TIMES |
9.61 |
9.64 |
9.52 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
62.62 |
54.68 |
61.27 |
|
CASH CONVERSION CYCLE |
DAYS |
(5.41) |
1.22 |
(1.11) |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
91.35 |
91.62 |
90.78 |
|
SELLING & ADMINISTRATION |
% |
7.54 |
6.04 |
6.99 |
|
INTEREST |
% |
0.34 |
0.93 |
0.75 |
|
GROSS PROFIT MARGIN |
% |
9.01 |
8.39 |
9.42 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
1.47 |
2.35 |
2.43 |
|
NET PROFIT MARGIN |
% |
0.72 |
1.04 |
1.29 |
|
RETURN ON EQUITY |
% |
7.26 |
11.33 |
13.47 |
|
RETURN ON ASSET |
% |
2.35 |
3.32 |
3.67 |
|
EARNING PER SHARE |
BAHT |
70.59 |
102.21 |
107.72 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.68 |
0.71 |
0.73 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.09 |
2.42 |
2.67 |
|
TIME INTEREST EARNED |
TIMES |
4.33 |
2.52 |
3.23 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
0.04 |
17.11 |
|
|
OPERATING PROFIT |
% |
(37.57) |
13.08 |
|
|
NET PROFIT |
% |
(30.93) |
(5.11) |
|
|
FIXED ASSETS |
% |
(7.32) |
2.49 |
|
|
TOTAL ASSETS |
% |
(2.37) |
5.13 |
|
ANNUAL GROWTH : RISKY
An annual sales growth is 0.04%. Turnover has increased from THB 195,669,069.44
in 2011 to THB 195,748,842.09 in 2012. While net profit has decreased from THB
2,044,209.74 in 2011 to THB 1,411,887.81 in 2012. And total assets has
decreased from THB 61,653,584.62 in 2011 to THB 60,190,913.30 in 2012.
PROFITABILITY :
IMPRESSIVE
PROFITABILITY
RATIO
|
Gross Profit Margin |
9.01 |
Impressive |
Industrial Average |
5.34 |
|
Net Profit Margin |
0.72 |
Deteriorated |
Industrial Average |
1.51 |
|
Return on Assets |
2.35 |
Impressive |
Industrial Average |
2.23 |
|
Return on Equity |
7.26 |
Impressive |
Industrial Average |
6.30 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. The
company’s figure is 9.01%. When
compared with the industry average, the ratio of the company was higher,
indicated that company was more profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is 0.72%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. Return on Assets ratio is
2.35%, higher figure when compared with those of its average competitors in the
same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. Return on Equity ratio
is 7.26%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Uptrend
Return on Equity Uptrend
LIQUIDITY :
ACCEPTABLE
LIQUIDITY RATIO
|
Current Ratio |
0.79 |
Risky |
Industrial Average |
1.12 |
|
Quick Ratio |
0.54 |
|
|
|
|
Cash Conversion Cycle |
(5.41) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 0.79 times in 2012, increased from 0.77 times, then the company may
not be efficiently using its current assets. When compared with the industry
average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.54 times in 2012,
increased from 0.53 times, then the company has not enough current assets that
presumably can be quickly converted to cash for pay financial obligations.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for -6 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE :
ACCEPTABLE
LEVERAGE RATIO
|
Debt Ratio |
0.68 |
Acceptable |
Industrial Average |
0.61 |
|
Debt to Equity Ratio |
2.09 |
Risky |
Industrial Average |
1.54 |
|
Times Interest Earned |
4.33 |
Impressive |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 4.34 higher than 1, so the company can pay interest
expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.68 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
EXCELLENT
ACTIVITY RATIO
|
Fixed Assets Turnover |
7.16 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
3.25 |
Impressive |
Industrial Average |
1.48 |
|
Inventory Conversion Period |
19.22 |
|
|
|
|
Inventory Turnover |
18.99 |
Impressive |
Industrial Average |
3.30 |
|
Receivables Conversion Period |
37.98 |
|
|
|
|
Receivables Turnover |
9.61 |
Impressive |
Industrial Average |
5.25 |
|
Payables Conversion Period |
62.62 |
|
|
|
The company's Account Receivable Ratio is calculated as 9.61 and 9.64 in
2012 and 2011 respectively. This ratio measures the efficiency of the company
in managing its trade debtors to generate revenue. A lower ratio may indicate
over extension and collection problems. Conversely, a higher ratio may indicate
an overtly stringent policy. In this case, the company's A/R ratio in 2012
decreased from 2011. This would suggest the company had deteriorated in the
management of its debt collections.
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current
inventory. Inventory is particularly sensitive to change in business
activities. The inventory turnover in days has increased from 18 days at the
end of 2011 to 19 days at the end of 2012. This represents a negative trend.
And Inventory turnover has decreased from 20.24 times in year 2011 to 18.99
times in year 2012.
The company's Total Asset Turnover is calculated as 3.25 times and 3.17
times in 2012 and 2011 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.